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2005-01-26 CC Packet
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2005-01-26 CC Packet
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<br />CORRELATION OF THE DIRECT SALES COMPARISON APPROACH <br /> <br />We have performed a thorough search of the market for sales of vacant residential sites <br />with lake frontage. Our research concentrated on the northerly Ramsey and Washington County <br />areas as well as southerly Anoka County. We have selected nine somewhat similar type land sales <br />to compare to the subject property. <br /> <br />All nine properties are generally considered to be equal to the subject property in overall <br />location. Adjustments were however made for size under the economy of scale premise that as a <br />property increases in size -the unit price decreases. These adjustments ranged from 10 % to 15 %. <br /> <br />The more pertinent adjustment however is considered to be for the quality of the lake on <br />which the sale properties are located in comparison to Centerville Lake and the subject properties. <br />The sale properties that are located on Forest Lake and Bald Eagle Lake are considered to be <br />superior to the subject property in lake quality. The sale properties located on Washington, Coon, <br />and Long Lakes are considered to be inferior to the subject lots in this regard. Sale #1 is located <br />on Centerville Lake and considered to be equal to the subject property in this respect. <br /> <br />The large pump house on the property adjacent north of the subject lot is considered to be <br />somewhat unsitely and a detrimental influences for the subject property as well as the large utility <br />easement that extends through the properties. (See Plat Map) We have however assumed that the <br />pump house could be inclosed with a privacy type fence and the utility easement could be altered <br />to accommodate residential construction. We have further assumed that the access easement to <br />the lake that extends along the shoreline, would be altered so as to not present a detriment to the <br />full ownership and enjoyment of the lake frontage. Downward adjustments were made however <br />for these detriments to unhindered development of the subject lots. <br /> <br />Prior to adjustment, the nine lakeshore lot sales listed, range in overall price from <br />$149,000 to $475,000 with front foot prices ranging from $1 ,490 to $6,643. After adjustment the <br />front foot prices range from $2,119 to $3,859. The average is $2,958 per front foot with the <br />median and midpoint of the range at $3,110 and $2,989 per front foot respectively. <br /> <br />I <br /> <br />We have adjusted these forgoing listed lot sales to the subject lots, for the factors indicated. <br />Based on this adjustment analysis, we have estimated a the optimum value for the subject lots at <br />$3,000 for 112 front feet. This would indicate a value of $336,000 rounded for each of the two <br />lots. <br /> <br />I <br /> <br />This is a gross value which does not consider the following costs: <br /> <br />1. Removing the existing dwelling <br /> <br />2. <br /> <br />Adjusting the easement for the 42 inch pipeline that extends diagonally <br />across both sites to accommodate the construction of a dwelling on each site <br /> <br />I <br /> <br />3. The assumption of the conveyance of the full' oWnership and enjoyment of <br />the lakeshore, subject to a flowage easement along the shoreline <br /> <br />4. A change in the zoning of the Centerville portion of the sites from P-l to <br />R-l to accommodate the construction of two dwellings. <br /> <br />36 <br />
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